Response to open letter from Gatemore

London, 29 April 2024

Elementis plc

Response to open letter from Gatemore Capital Management LLP

The Board of Elementis plc (the "Company" or "Elementis") notes the open letter published today from Gatemore Capital Management LLP ("Gatemore"), a 0.6% shareholder.

The Board continues to believe that shareholder value is best driven by a focus on delivering the substantial actions that are currently being progressed at pace throughout the business and that underpin progress towards the 2026 targets of 19%+ operating margin, >90% cash conversion and >20% return on capital, generated by $90m of above market revenue growth and $30m cost savings.

The Board continues to engage with, and welcomes feedback from,  all shareholders, with a clear focus on driving shareholder value, and looks forward to updating the market in its trading update alongside its AGM tomorrow.  

Enquiries

Elementis plc

Paul Waterman, Chief Executive Officer                                                               

Ralph Hewins, Chief Financial Officer

Eva Hatfield, Head of Investor Relations                                                                Tel: +44 7553 340 380

Teneo           

Martin Robinson                                                                                              Tel: +44 (0) 20 7353 4200

Olivia Peters                                                                                                       Email: elementis@teneo.com